Reduce your people risk – attract and retain talent with the right wellbeing strategy

45% of HR professionals reported employee retention as their biggest challenge in 2022, along with a further 44% citing staff welfare and resilience, and 30% attracting talent [1].

With the pressure of rising wages, the war for talent, and the battle against the great resignation, being an employer of choice is becoming increasingly difficult.

No longer about purely pay-packet, employees are seeking a remuneration package that supports not just their wellbeing, but their families too. Health & protection benefits such as private medical insurance, life insurance and critical illness cover, all be it more traditional in there offering, are highly desirable, and something that employees place a high value on – particularly with the current climate and the significant impact Covid has had on NHS waiting times.

With a firm spotlight on employee wellbeing, having a considered approach and defined employee wellbeing strategy is paramount in helping to counteract the challenges above. Businesses are beginning to think holistically about their employee offer and placing a strong emphasis on protecting their greatest asset – their people.

With diverse and multi-generational workforces, implementing or adapting your benefits package to cater for your employees’ individual needs is key – a one size fits all approach is ill advised. Understanding the make-up of your workforce is essential to generate the best engagement and outcomes for them, and your business.

Let’s not forget the importance of communication. Employers need to ensure they have a robust and effective communications plan to inform their staff of what’s available. Equally important is obtaining feedback to ensure the benefits are meeting their needs. Monitoring engagement levels and obtaining MI can help a business shape, adapt or enhance their offering – ultimately leading to happier, healthier and more engaged employees – employees who understand the business care about their welfare, and who remain loyal.

There are ways that businesses can seek advice and guidance on how to invest in and provide a successful wellbeing, engagement, and benefits strategy. Partnering with a trusted and experienced advisory firm who will collaborate with you to understand the challenges you face, how you can overcome them and what you want to achieve can provide invaluable support. A good employee benefits advisor will provide a comprehensive review of what you have in place already to ensure you get the best out of your existing offering and if necessary, identify a new programme that fits your requirements and budget.

[1] https://www.thehrdirector.com/business-news/talent_management/uk-employers-tackling-war-for-talent-in-2022-with-improved-people-strategy/

 

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